Franchising is an extremely popular route to business ownership for determined entrepreneurs of all ages. If you’re approaching retirement age or are considering semi-retiring, investing in a franchise can be a great way to uphold a steady income, without having to deal with the inflexibility and long hours of a full-time job.
Former Optic-Kleer franchisee, Graham Bastow, was no stranger to the world of franchising when he took on his Stockport territory. Graham always had the desire to run his own business, but after his career in building surveying took off and with a young family to look after, Graham put his dream to one side. But when he was made redundant in 1991, Graham had the ideal opportunity to look into his options. This is when his franchising journey began. Graham went on to run three successful franchise businesses, eventually selling each of them on. After selling what he thought would be his last franchise, Graham moved to Cheshire with his wife to prepare for retirement.
When his part-time contract with the company he was working with came to an end, Graham made the decision that he would build up one last business before he retired, where he could enjoy the autonomy of being his own boss. He was sure this would be his last franchise venture and didn’t want to worry about machines breaking down or staff calling in sick. Graham decided to look for a franchise that could be set up quickly, where he wouldn’t have to buy lots of new equipment or take out a lease on a business premise and where he could earn an income from the outset.
After speaking with David Overton, Managing Director of Optic-Kleer, Graham decided to invest. He set himself a four-year window to build the business up, before selling it on to retire.
Graham’s 4 top tips for choosing a franchise if you’re looking to retire in the next 5 years:
1. Work the hours you want – One of the key benefits of franchising is that you don’t have to work full time to make your business work, whereas as an employee you are expected to work a set number of hours a day. So, look at franchise opportunities where you don’t have to operate every day from nine to five if you need more flexibility than that. That way, you can still make time for other commitments or spend time with family.
2. Use existing skills for something new – If you’ve spent many years working in the same discipline, you can use your experience and skills to invest in opportunities in the same sector. Or you can consider if your skills are transferable to explore an entirely new venture. With the range of options across all industries available, you’ll find your perfect franchise fit.
3. A proven playbook – Franchising provides you with a proven playbook in the form of established business methods and strategies – often with a documented operations manual. A good franchise company will provide all the training, support and coaching you need to be successful – keep your eye out for this when you do your research.
4. Keep yourself busy – For many, the long days of retirement are unappealing. Running a franchise will give you a huge sense of achievement and keep you busy. Even if you can draw on your pension, you may still prefer to stay in work rather than fully retire – especially if you have your own financial goal or want to expand savings. Think about choosing a franchise that you can pass onto a trusted family member or colleague to manage if you’d still like to keep your mind active during retirement.
“When I’ve previously sold franchises, the process has often been lengthy. Lots of people are quite cautious if they’re coming to franchising for the first time as to whether it’s really for them. But with Optic-Kleer and the support of David and head office, the sale ran smoothly and now I’m happily retired,” said Graham.
Whether you’re an experienced franchisee, or just want to enjoy the autonomy of running your own business, a franchise could be the right choice for you. With owner-operator franchise models like Optic-Kleer, you can get set up quickly, enabling you to earn an income from day one.
